PowerBand Provides Bi-Weekly MCTO Status Update
PowerBand Solutions is updating stakeholders on its Management Cease Trade Order (MCTO) status as per National Policy 12-203. The MCTO, granted on April 30, 2024, restricts trading by the CEO and CFO due to delayed filings of audited financials, management's discussion, analysis, and certifications for the year ended December 31, 2023. These are expected by June 15, 2024. The company confirms no material changes or new defaults since the initial April 16, 2024 announcement and commits to bi-weekly updates until compliance is met.
- MCTO does not affect public shareholders' ability to trade.
- Company is diligently working with auditors to file by June 15, 2024.
- No new material changes or defaults since the original announcement.
- Delay in filing audited financial statements and management's discussion.
- CEO and CFO restricted from trading shares until filings are completed.
- Potential investor concern due to filing delays and MCTO.
TORONTO, ON / ACCESSWIRE / May 29, 2024 / PowerBand Solutions Inc. (TSXV:PBX);(OTC PINK:PWWBF) ("PowerBand" or the "Company") is providing a bi-weekly status update in accordance with the National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").
As previously announced on April 16, 2024 (the "Default Announcement"), the Company applied for the MCTO due to a delay in the filing of the audited consolidated financial statements for the year ended December 31, 2023, annual management's discussion and analysis for the same period and management certifications of annual filings (collectively, the "Filings"). The MCTO was granted by the Ontario Securities Commission on April 30, 2024, and the Company continues to work diligently with its auditors and expects to file the Filings as soon as possible and in any event on or about June 15, 2024.
The MCTO restricts the Company's Chief Executive Officer and Chief Financial Officer from trading in the Company's securities but does not affect the ability of other shareholders, including the public, to trade in securities of the Company.
The Company confirms that since the date of the Default Announcement: (i) other than as described above, there has been no material change to the information set out in the Default Announcement that has not been generally disclosed, (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203, and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements.
About PowerBand Solutions Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange, OTC PINK, and Frankfurt markets, is a fintech provider disrupting the automotive industry. PowerBand's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, and funders. PowerBand's transaction platform - trademarked under DRIVRZ™ - is being made available across the United States of America.
For further information, please visit the Powerband website or contact:
Shibu Abraham
Chief Financial Officer and Director
E: info@powerbandsolutions.com
P: 1-866-768-7653
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Certain information included herein is forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving PowerBand, its subsidiaries and its businesses. Such information is typically identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "plan", "forecast", "future", "outlook, "guidance", "may", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes. Forward-looking information in this document includes: the filing of the Filings, including the timing for the filing of the Filings.
Forward-looking information is provided for the purpose of providing information about management's expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that PowerBand believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on information currently available to PowerBand, including information obtained from third party industry analysts and other third-party sources, and the historic performance of PowerBand's businesses. Such assumptions include the timing of receipt of necessary regulatory approvals, that the Filings will be filed in the period estimated herein, anticipated financial performance, current business and economic trends, the amount and timing of future dividends paid by PowerBand, business prospects, utilization of tax basis, regulatory developments, currency, exchange and interest rates, commodity prices relating to the automotive industry, trading data, cost estimates, our ability to obtain financing on acceptable terms, and statements regarding net working capital, anticipated operational and capital expenditure reductions, the length and impact of COVID-19 on PowerBand's businesses and customers and capital expenditure requirements of PowerBand, the assumptions set forth under the "Financial Outlook" and "Risk Factors" sections of our MD&A. The forward-looking information is also subject to the risks and uncertainties set forth below.
When relying on our forward-looking information to make decisions with respect to PowerBand, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, PowerBand does not undertake to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
SOURCE: PowerBand Solutions Inc.
View the original press release on accesswire.com
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